23 May 2017 – final results
Results for 2017 have been released. On the face of it financials are not great. Revenue was £0.8m (2016: £1.4m) and total impairments of £34.6m resulted in a loss before tax of over £55m. Cash at the year end was £2.1m (2016: £18.7m). However, £18.4m before expenses was raised shortly after the period end and this leaves the business relatively well funded for the time being. Further financing may be required this year or next. The potential for upside is considerable but those who invest must be prepared for the possibility of losing everything if there are problems. On balance we keep our SPECULATIVE BUY rating.